Market Closes - June 20, 2019
Posted on Jun 20, 2019Corn Jly +9 450 (436-51); Dec +8 461 (449-62)
Bean Jly +12 915 (896-917); Nov +12 941 (923-43)
Meal +6 323
Oil +22 2859
Wheat Jly +4 526 (515-29); Dec +5 541; Jly20 +6 552
KC +3 460; MGE -3 538
Oats -2 284
Rice -14 1122
LC Jun -32 10817; Oct -52 10557; Dec -62 10972
FC Aug -182 13470; Oct -160 13582; Jan -155 13450
LH Jly -237 7925; Oct -172 7572; Dec -115 7530
Milk Jun +1 1629; Jly +20 1715
Corn, soybean and soymeal futures closed strongly higher today as traders have renewed concerns that wet weather and late planting will negatively impact production. Wheat rose on spillover support. Outside markets were also supportive as energy and precious metal futures rose sharply on tensions in the Mideast with Iran. Also the US Dollar slipped 0.5%. On the soybean charts, a bullish “outside up day” was posted. This would be confirmed if prices break above Monday’s highs.
Cattle futures closed lower for a second day with feeder cattle futures losing more due to the rise in CBOT futures. Choice beef fell .87 to 220.72 and Select lost .76 to 201.48. Light cash trade was reported at $110/cwt. Tomorrow’s Cattle on Feed Report is expected to show the June 1 on-feed inventory at 101.3% of a year earlier.
Lean Hog futures closed sharply lower with the July LH making new lows for the current Apr/May/June downtrend. Tuesday’s sharp drop in the pork cutout along with disappointing weekly pork export sales weighed heavily. FOB Plant Pork slipped .25 to 77.44.
US$ -.5% 96.6
Dow +249 26753
SP +28 2954
NAS +64 8051
Tran +71 10413
VIX +.40 14.73
U.S. equity markets closed higher with the S&P500 hitting a new record HIGH. Stocks rallied on investors expectations the Federal Reserve will lower interest rates in the coming months.
WTI +312 5688
Brent +268 6450
Gas +5 179
NG -6 221
HO +6 189
Eth +3 159
Gold +48 1397
Slvr +53 1549
2-yr -.009 1.757%
5-yr -.002 1.766%
10yr -.011 2.016%
30yr -.007 2.533%
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